Global Automotive Carbon Fiber Components Market 2018-2022
About Automotive Carbon Fiber Components
Automotive carbon fiber components consist only carbon fiber or composites. These are lightweight and have high durability and tensile strength.
Technavio’s analysts forecast the Global Automotive Carbon Fiber Components Market to grow at a CAGR of 9.77% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive carbon fiber components market. To calculate the market size, the report considers the revenue generated from the sales of carbon fiber components for various applications including powertrain, exterior, and interior.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Carbon Fiber Components Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive carbon fiber components market: DowDuPont, Plasan Carbon Composites, SGL Group, TEIJIN, and TORAY INDUSTRIES.
Commenting on the report, an analyst from Technavio’s team said: “One trend gaining momentum in this market is the increasing application of advanced manufacturing technologies. The use of carbon fibers in the automotive industry requires advanced carbon fiber manufacturing techniques. This holds more importance for automakers and auto component manufacturers to gain more competitiveness and cost-effectiveness in the market.”
According to the report, one driver influencing this market is the growing use of carbon fiber materials in automotive industry. The automotive industry is focusing on the use of energy-efficient, rigid, and light-weight materials to reduce adverse environmental effects. Thus, the global automotive industry is witnessing increasing use of advanced materials. The growing competition among OEMs and automakers is fueling the adoption of advanced materials for automotive applications, which include aluminum, carbon fibers, and magnesium.
Further, the report states that one challenge affecting this market is the the high price of carbon fibers and expensive R&D. Rising prices of raw materials such as resins and carbon fibers have increased the procurement costs for vendors. The cost of carbon fibers is of particular concern in this regard as the average price of carbon fiber is $40-$50 per pound. A minor share of the increased procurement costs is absorbed by vendors of carbon fibers, with the major share being translated to higher prices for customers. Hence, this is foreseen to be a challenge in the future. Moreover, the large volume production of these products can become challenging with the increasing demand.
Plasan Carbon Composites